financing a college-area condo University of Colorado Boulder

Best first stop: CHFA financing help

CHFA says homebuyers using one of its first mortgage loan programs can also use down payment or closing-cost assistance. It offers a grant up to the lesser of $25,000 or 3% of the first mortgage with no repayment required, or a second mortgage loan up to the lesser of $25,000 or 4% of the first mortgage with repayment deferred until payoff, sale, refinance, or the home no longer being your primary residence.

• CHFA also says homebuyer education is essential and available online or in person through housing counseling agencies across Colorado.
• CHFA does not lend directly to consumers; you use a participating lender to see which option fits your loan.
• If you’re buying near campus, ask the lender early whether the condo and the home’s location fit the program rules.

Best fit for a Boulder city condo: City of Boulder programs

The City of Boulder’s affordable-homeownership program says households must complete city orientation and a homebuyer education class, have one household member working 30 hours per week unless retired or disabled, have at least $2,000 toward down payment and closing costs, and qualify for a first mortgage loan. The city also says the current city program is part of the Boulder Regional Affordable Homeownership Program, and the city still has down payment assistance programs.

• This is the clearest local path if the condo is inside Boulder city limits and the property fits the program’s home requirements.
• The city says many programs can work with it, including first-time homebuyer, down payment assistance, and special loan programs.
• The city’s own source should confirm whether your target condo is eligible before you rely on the program.

Best fit if the condo is outside Boulder city limits: Boulder County assistance

The Colorado Division of Housing page says Boulder County provides down payment assistance and closing-cost aid for homes purchased outside the City of Boulder. It says assistance can be up to 10% of the purchase price and cannot exceed $40,000, and that it is for first-time buyers.

• Use this if the condo is outside city limits and you’re a first-time buyer.
• The page also notes there are homebuyer and property requirements, so the county’s current program details should be checked before you write an offer.
• That same state page points to other Colorado homeownership support programs, but Boulder County is the local one named for outside-city purchases.

Sources

1. Homeownership Support & Stability | Division of Housing ↗
2. Boulder Regional Affordable Homeownership Program | City of Boulder ↗
3. CHFA: Down Payment Assistance ↗